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| Volume 13 - Number 9 | April 25, 2008 | | | |
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Subprime Writedowns to Top $20 Billion in First Quarter of 2008
Investment banks continue to write down their subprime mortgage holdings, even after taking massive hits on the collateral in previous quarters. The moves suggest that the subprime market has not yet hit bottom, especially as the rating... [Includes one chart]
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Proposed FHA Refinance Bill Faces Opposition in House
The House Financial Services Committee this week began deliberations on legislation that would allow the FHA to refinance more troubled loans. While the bill has the support of the Mortgage Bankers Association and Democrats, most Republicans remain...
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No Subprime From Combined BofA and Countrywide
One of the top subprime lenders since 2000 will not be part of any potential subprime revival. Bank of America this week confirmed that once it acquires Countrywide Financial, the combined company will not offer subprime mortgages. BofA’s purchase of...
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FBI Widens Subprime Investigations to 19
The Federal Bureau of Investigation is looking more closely at the subprime mortgage market while warning that continuing home price depreciation will only unveil further problems in the sector. At the American Bar Association Litigation Section Annual...
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Subprime Loss Mitigation and Troubled Loans Increase
Subprime loss mitigation efforts have increased in recent months, but the gains have been matched by increasing delinquencies, according to a report released this week by the State Foreclosure Prevention Working Group. The report examines the servicing...
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Parent Companies Bicker Over First Franklin Losses
Merrill Lynch is demanding that National City pay for losses Merrill suffered from the purchase of subprime lender First Franklin at the end of 2006. Meanwhile, Fremont General has agreed to sell its bank and other assets, leaving the company with only...
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States to Prevent Foreclosures as Federal Plans Stall
With subprime foreclosures expected to hit 1 out of 11 borrowers in some areas, states are ramping up their foreclosure-prevention efforts. Federal aid, meanwhile, is tied up in partisan bickering.
A report issued last week by the Pew Charitable Trusts predicts...
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Foreclosure Aid, Servicer Safe Harbor Bills Move in House
The House Financial Services Committee this week approved two pieces of housing legislation aimed at helping troubled mortgage borrowers.
The committee approved H.R. 5579, the Emergency Mortgage Loan Modification Act of 2008 by voice vote. The bill would...
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Proposed Servicing Rules Could Hinder Subprime MBS
Lawyers suggest that servicing legislation under consideration in Congress, as well as regulatory changes proposed by the Federal Reserve, give investors plenty of new reasons not to purchase subprime mortgage-backed securities. In a recent note to...
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B&C News Briefs
The Federal Reserve is considering loosening its proxy for subprime loans under its soon to be finalized revision of... The number of subprime-related cases filed in federal courts in the first quarter of 2008 “dramatically” outpaced 2007...
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